Yum! Brands, Inc. Announces Proposed Notes Offering
September 09 2020 - 7:51AM
Business Wire
Yum! Brands, Inc. (NYSE: YUM) today announced that it intends to
offer, subject to market and other customary conditions, $1,050
million in aggregate principal amount of senior notes (the “Notes”)
in an offering registered under the Securities Act of 1933, as
amended (the “Note Offering”).
The company intends to use the proceeds from the Note Offering,
together with cash on hand, to fund the redemption of all of the
outstanding $1,050 million aggregate principal amount of Senior
Notes due 2024 (the “2024 Senior Subsidiary Notes”) issued by its
wholly-owned subsidiaries, KFC Holding Co., Pizza Hut Holdings, LLC
and Taco Bell of America, LLC (the “Issuers”) at a redemption price
of 102.50% of the principal amount redeemed plus accrued and unpaid
interest to the date of redemption. The Issuers have issued a
conditional notice of redemption to holders of the 2024 Senior
Subsidiary Notes. The redemption of the 2024 Senior Subsidiary
Notes is contingent upon the closing of the Note Offering.
The Note Offering is being made only by means of a prospectus
supplement and an accompanying base prospectus. Copies of the
preliminary prospectus supplement and the accompanying base
prospectus relating to the Note Offering may be obtained from
Goldman Sachs & Co. LLC, Prospectus Department, 200 West
Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile:
212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com.
The company filed a Registration Statement on Form S-3ASR, which
was effective upon filing on August 24, 2020, including a base
prospectus dated August 24, 2020, and a preliminary prospectus
supplement dated September 9, 2020, to which this communication
relates. Copies of the Registration Statement on Form S-3ASR, the
base prospectus and the preliminary prospectus supplement can be
accessed through the Securities and Exchange Commission’s website
at www.sec.gov.
This press release is for informational purposes only and shall
not constitute (i) an offer to sell or the solicitation of an offer
to buy the Notes or any other securities or (ii) an offer to buy,
or a notice of redemption with respect to, the 2024 Senior
Subsidiary Notes or any other securities. The Note Offering is not
being made to any person in any jurisdiction in which the offer,
solicitation or sale is unlawful.
Forward-Looking Statements
This press release includes “forward-looking statements,”
including with respect to the proposed Note Offering and the
anticipated redemption of the 2024 Senior Subsidiary Notes.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control that
could cause actual results to differ materially from those
described in such statements. Such risks and uncertainties include,
but are not limited to, whether the company will in fact offer the
Notes or consummate the Note Offering, which is subject to various
conditions, and the anticipated use of the proceeds of the Note
Offering. The company can give no assurance that the expectations
expressed in this press release will prove correct, and actual
events may differ materially from those made in or suggested by the
forward-looking information contained in this press release. Any
forward looking information presented herein is made only as of the
date of this press release, and we do not undertake any obligation
to update or revise any forward-looking information to reflect
changes in assumptions, the occurrence of unanticipated events, or
otherwise.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20200909005593/en/
Analysts are invited to contact: Keith Siegner, Vice President,
Investor Relations, M&A and Treasurer, at 888/298-6986
Members of the media are invited to contact: Virginia Ferguson,
Senior Director, Public Relations, at 502/874-8200
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